Monetary sovereignty is urgent in the face of a dollar under pressure: EU

Brussels. The ministers of Economy and Finance of the eurozone (Eurogroup) yesterday debated how to strengthen the international position of the euro and move towards “European monetary sovereignty”, in a global context marked by pressure on the dollar and the economic challenges of the economic region.

“It is existential for us to safeguard the international role of the euro, as it is fundamental for the monetary sovereignty of the European Union,” said Eurogroup President and Greek Finance Minister Kyriakos Pierrakakis before the meeting in Brussels.

He warned that, “in light of recent international events”, there is a “risk that the global financial and monetary system is being used as a political tool”, which forces the European Union to strengthen its economic autonomy and its capacity to act.

To this end, his German counterpart, Lars Klingbeil, considered that the euro must become “a safe haven” for capital investments from around the world, thus reinforcing the attractiveness of the single currency in the international financial system. “International investors want to diversify, they look for links with Europe.”